Welcome to the Escaping the Accountants Trap podcast. It's a podcast to help accountants, CPAs and bookkeepers escape what we call the accountants trap. It's where you're stuck working with low value and high demanding clients, but at the same time can't raise your fees because you have a lot of competition. Well, how do you escape the trap? One way is the topic of today's episode, and that's providing exceptional cladding.

It. Well, how do you escape the trap? One way is the topic of today's episode, and that's by providing exceptional client experiences. To help me with the discussion, I've invited Steph Van Jones, the head of business Development for Moneypenny USA, which is an award winning call answering and managed live chat service just for accounting firm. Steph, welcome to the show.

Thank you very much. It's an absolute pleasure to be here today. And actually, so to speak, my mission over the last 14 years with Moneypenny has been about delivering exceptional customer service and helping our clients deliver exceptional customer service as well. And watching businesses grow from strength to strength has been really proud for me to do. Oh, I love that, so I can't wait to dive into this conversation.

You know, I was on your website, the Moneypenny USA website, and one of the first things it says is that you don't do scripts, you do relationships. I love that, but tell me what? Tell me why. Moneypenny decided to focus on creating great customer relationships. Gosh, it probably goes back to when we were founded, really in the year 2000.

We were founded by brother and sisters, Adam, Rachel and Ed was running a graphic design business from home, and he employed an answering service to look after his calls. And he went away on vacation, and a call had come in to the answering service. And the fax machine had actually run out of paper. And that and the council were trying to fax an order through, and the lady at the end of the phone said, what do you want me to do about it?

I'm just an answering service. And then at yes, and actually you say, oh no, but actually that led then Ed and Rachel to think, well, why can't we create a service where it's personalized? Whoever's answering the phone knows, you know, a little bit about the business. It feels really personal and professional. And that's where Moneypenny was born. And we started with one receptionist with an opticians and Lynne King is still with us today.

She actually runs a reception in the UK and greets clients coming into Moneypenny HQ over there. And to this day now we have around 1500 staff across our US and UK location, so the rest is history so to speak. So, so you work with accounting firms and essentially provide to them a this phone answering service. But why do accountants need this.

Yeah. So the majority of our client base actually out here in the US are a CPA and accounting firms. We do look after other industries as well. We actually specialize within the accountancy sector. So there's many different reasons why an accounting firm would actually use Moneypenny and actually outsource in general. And I think the industry itself is now becoming much more open to outsourcing.

So why do some think yourself kind of half heartedly when they're actually experts? You can do it on your behalf and they can do it brilliantly and efficiently. So whether that be payroll services or virtual reception and live chat like Moneypenny, there are so many partners now, both onshore and offshore, who can actually, you know, help firms become more agile and efficient and actually outsourcing can save you business money.

So hiring employees comes with the inevitable overheads training, onboarding, vacations, you know, at the time of bonuses and things. So actually outsourcing takes away the headache. So it becomes you become a partner with your outsourcing provider actually, and then it's your outsourcing partner's responsibility to make sure that they're fully resourced, look after you. So actually that that leads on to more things like working more efficiently and gaining more hours in the day.

So actually outsourcing tasks can help you free up your schedule. So as a business owner, you can then focus on business development, employee engagement, other new ideas that you might have written down on a post-it note and perhaps you haven't had time to to execute. So, you know, it's it can free up a lot of your time and help you scale as a business.

So many businesses have aspiration options to to grow, and outsourcing can be a real asset to help you do that effectively. Yeah. And another big topic actually is obviously the talent shortage as well. So this has been and continues to be a really hot topic, especially in the accounting industry and many other industries as well. So outsourcing can actually help us adapt to that changing landscape and turbulence.

And there's many other things, you know, attack as well. So, you know, 90% of the businesses that we work with actually wouldn't have access to the tech that we use. So data analytics, core trends tracking, marketing spend that, you know, the data that we provide our clients can really help the businesses grow and help them analyze in-house, which you know, what resource actually they might need.

So there's many, many reasons why a firm would outsource to us. And capturing new business as well. So offering that amazing service and making sure that those leads are captured every time. Yeah. And I'm glad you brought that up because I was I was going to be my next question. Do majority of accounting firms who use something like this in Moneypenny or another outsource, call answering service?

Is it for marketing and sales purposes, or is it to field existing client questions and request and and jobs? It is varied. Every client has different needs, but ultimately it's to greet the customer. It's to capture the new leads and ask the right questions. So when the lead comes through, it's been triaged, so to speak. And it's valuable.

It's to assist existing customers that have a question. It's to, you know, just have that presence and, and make sure that, you know, it's going back to basics and just delivering a wonderful service to your clients, whether or not it is a new inquiry, whether it's someone you've worked with for 20 years, whether it's, I say, like a supplier calling up.

So we pride ourselves at Moneypenny on having great relationships with our suppliers as well and paying them on time and being responsive to inquiries. So all of these things matter. You know, we might have a client approach us or we might approach them and we'll just say to them, what is the reason that you feel that you need us?

Or what's been the catalyst to make you contact us? And it could be that they, you know, they want to make sure that they're growing X amount this you and they want X amount of new inquiries. So they might put their new inquiry line to us. Others have moved to hybrid work working. So they want their main telephone number to be answered promptly.

And professionally. So in that case it's a business continuity need. So it can really vary from from firm to firm. Yeah, that makes sense. It's almost like a virtual first impressions desk, like a virtual receptionist at the front of your own office. But it's virtually, because, like you said, most, you know, a lot of a lot of, especially since Covid, a lot of things happen online or via zoom virtually.

Yeah, yeah. And a great impression is created by connecting with your customer on a really personal level and showing empathy towards their needs and making them feel valued and understood. So actually, whether or not somebody tried to call you or they filled in a form on your website, or they've gone to your live chat or even your social media, for example, it's just having that, that lovely human interaction.

Or actually, if you do want technology, we can put the tech there. Technology serves its purpose in some instances, but it's having a human behind it that that can answer those questions for empathy. And if it's an urgent inquiry or something like that, you know, there are many industries that are outsourcing that, as I mentioned before, that are kind of much I think we're becoming just much more open to it.

And again, it's having expertise and knowing who you can call upon to do a great job for you. I think firms as well, that, experts in certain industries, such as, you know, we work with some firms that might work with automotive or health care, for example. And it's great to know that if you're a go to firm and you are dealing specifically with an industry, you're going to get recommended to other people.

And if those people contact you and they don't have a great experience, then it's kind of a bit of a waste that you've got those expertise. So it's kind of being an industry expert if you like, as well. And I'm assuming that because most of your clients are in the accounting space, that you are experts in talking the accounting language to prospects.

Yeah. So we understand the terminology. We understand, you know, where how important an inquiry might be. Again, if somebody is contacting a firm and they're asking, do you specialize in automotive. No, we don't, but actually we know somebody that does. And I think it's, you know, when you're living and breathing a certain type of call or sector, you just become accustomed to how, accountants like to work.

We know that it's taxes and we just come out of taxes. And so we know that our clients, you know, might be particularly busy. So it's just having that understanding. Really? Yeah. That makes sense. So I can imagine that this service or something like this service would work really well for accountants and bookkeepers who who almost have just, they are the service provider that they are doing the taxes, like you mentioned, during tax season.

And they are they're swamped. And so having something like this that would help them create that good first impression, create the great customer experience. I would almost imagine that that alone would separate them from all the other accountants and bookkeepers who who don't have something like that in place. Yeah, definitely. And again, it goes back to being innovative.

I was chatting actually, with, a lady, Lauren Fogleman from Business Success Solutions. We actually did a podcast last week on Future Different Communications, and it's about having all those different touchpoints, the live chat, the social media presence and making all these channels work superbly. So an accountant is brilliant at doing their job, but actually when it comes to answering the phone and you're distracted from what you're doing best, then the customer might not be getting the best experience.

If you like. As they might have done if they've come through to Moneypenny and we've answered the call and got the call to the straight, straight to the the the correct place efficiently. Yeah. And I think forward thinking firms are actually passionate about being professional, personalized, really warm and welcoming and not just good at accounting. And and many have built reputation over the years and actually sustain that by consistently delivering a wonderful service.

And it's as simple as responding to customer inquiries promptly being attempted to the to the customers and kind of being willing to go the extra mile. And I think some of the common things that a firm gets wrong and actually, again, going back to the basic things, providing a telephone number on a website or not even being able to find the number, you ring the number and it goes to voicemail.

So 69% of consumers don't actually like to leave a voicemail. So a really easy way to stand out is simply by having your phone answered promptly and beautifully. Also not responding to customer inquiries in a timely manner. So having a good SLA on what that looks like, that's great. So here at Moneypenny, we aim to get back to you.

If anyone inquires within half an hour, we aim to get back to them, and we've set that standard across the board so everyone knows the expectations. So again, whether it's a new inquiry, whether it's a friend, whether it's a supplier calling in, they all should have the same experience. Yeah. And another great some benefit from outsourcing as well as being able to extend opening hours.

So you know, fast moving world people want to be available 24 seven or even just evening and weekends to cover east west coast. So being able to to cater for that as well. There's lots of talk with hybrid working. You know, if you'd have said to us three years ago you'd have a hybrid working model, I would have said never in a million years.

Because actually, a USP for Moneypenny was that we all were based in the office. Now we're able to scale up business because we do have a hybrid working model that works beautifully. We're all aligned with what that is. So our teams are educated, and we know that when our clients call in, whether or not somebody is working at home or whether they're in their office, they're going to get the same experience.

And I think it would be good for accountants to adopt that mentality as well. And again, that's keeping your employees happy. We know that if your employees are happy that your, your clients are happy, it's like a no brainer formula. Really? Yeah, absolutely. I mean, I love what you said. I mean, I completely agree with everything that you said.

And one thing that stood out, you know, is that when you know, when clients call on, I do think a lot of accountants and bookkeepers sort of gloss over this. Sometimes when clients call, especially prospects who are calling you because I heard about you from somebody I a friend or whatnot, and they need, you know, tax service. I need, you know, bookkeeping service, whatever the case may be.

They want somebody that they can trust. And if you have to, you know, I agree with you. I don't remember the last time I left a voicemail, especially on a business. Business call if if somebody if you don't pick up, there's a there's ten other accountants they can call. There's ten other bookkeepers that you that you can call the the the the the prospect would respond so well if they called.

And somebody that was friendly and answered all their questions, even if they said, let the let me let me have the owner call you back or let me have the account, I call you back. Just that one gesture of creating this great first impression could be the difference between you having a really good, profitable firm and one where you're constantly struggle to stay afloat.

Yeah, and you could be the type of person that you don't mind if if perhaps you, you know, you get through to someone and they can't specifically help you there and then, but you are going to get that call back. And as long as you get that call back, that's wonderful. Everybody's got different personalities. But I think we're we are human and everybody wants a response.

So, you know, especially millennials for example, they're much more open to using technology and not actually speaking with somebody. So as long as they are inquiries dealt with efficiently, they're happy. And actually there are circumstances where I mentioned before that there is an urgent matter. You need that empathy or you've got a really urgent question and it's sensitive.

So actually that might be, you know, for me, I would probably want to to make a phone call for that. And I want to feel listened to. I think as well, you know, firms being intuitive and being good listeners as well and knowing what the customers need. So kind of asking them, surveying them, finding out what makes them tick, what would make them a good firm to work with.

And I think knowing what they want before they they need it is good as well. And then the example of that is during lockdown, we you know, obviously also the the, the, the increase in businesses using Microsoft Teams for meetings. So as a business, we then started to develop an integration with teams. So now we are able to transfer calls that come into our business via the teams platform.

But we did that during Covid because we we saw the need for it. Because we're always looking at what our customers might need, you know, in the future and future proofing what we do. And it's things like, you know, call trends and peak times and extra support, you know, having an offshore or, an outsourcing partner that can provide all this information for you.

You can predict what your clients might need before they need it. And it shows a good partner if you like. And it shows that you're knowledgeable and you build that trust, as you mentioned, with your clients. So the trust thing is, is is massive. Isn't there anyone that's paying for service you want to be able to to trust that partner?

Yeah. If you can't do it your client will find somebody else that well. And most definitely be it. Clients respond to people that are that they know, like and trust. And I love how you use the word emphatic in in. Accounting firms, bookkeeping firms that are empathetic have empathy towards their customers that really want to show that to their clients are are their number one priority.

People will respond to that. Clients will stay with you for years if you show that you care and like and and and show empathy toward them. Because especially when it comes to financial matters, people want to be heard like you mentioned. And they want to they want to ensure that that you they're priority with with your firm. And I think having being able to have a phone call that's answered in a, you know, on the third ring or having a, form on the website answered within 30 minutes.

I think that will definitely go a long way. Yeah, definitely. It's the little things that help you stand out. Now. We all, we all think of, you know, it's great to have new ideas and think of all the big shiny things we can do, but actually just answering the phone, being responsive, being empathetic, getting back to customers. It's all such basic stuff, but it's just so important.

And as you said, there are many other firms that, you know, a customer can go to. You don't answer the phone, you try the next one. But if they have been referred to you because you've had a friend that's used a particular firm for for ten years, your expectations of them are really high and you kind of want that same experience for them.

Yeah. I mean, there's there's a ton of competition out there and I can't reiterate this enough. There's a ton of accounting firms, bookkeeping firms. And to your clients, they don't know the difference between a good accountant and a bad one and or a good bookkeeper and bad one. So they're not going to be able to vet you if in in other words, they're not going to call ten different bookkeepers or ten different accountants to to, to to shop or whatnot.

But if they call you and you give them an exceptional client experience, they're going to probably work with that. Yeah, definitely. I was chatting with a client at an event today and I said, how do you know? I don't actually know what happens. So our main telephone number since Covid, he said, I think one of us captures the call and I said, you absolutely crazy.

I was like, you need to point that number to us, and we'll just forward the call to you directly or to one of your team. And he couldn't actually understand the concept of it and thought it would be quite difficult to set up. Yeah. And it's really easy. You know, we give you an underline number, you point the number to us and then as you said, anyone contacting your firm, they get that wonderful service every time.

Wow. Well, we're almost out of time. But, Steph, tell us if somebody's listening. Says, okay, I'm interested. I need help, especially with outsourcing the customer service because I'm so swamped. And what I do, where do they go? Okay, so, be more than happy to have a conversation. Oh, one of my team. So you can contact me directly on s.v. j@moneypenny.com.

We do offer a trial. So you know, if you want to put live chat on your website for a couple of weeks or point your telephone number to us, we can we can try. Let's see how it works for you. We work on a consultative basis, so we'll have a full conversation before you divert any of your calls.

It's a big a big thing, you know, put in the hands of your business in somebody else's, trust. But, we'll have the full conversation with you, and then you can dive in and see how it works for you. And if you kind of takeaways really, I think is look at what's available and don't be afraid to try new services, you know, think about what you could do with more time on your hands.

You know, a few hours a day amounts to hundreds of hours a year and kind of go back to basics and everybody wants to be heard. So make sure your customers can reach you when they need you. And we can definitely help you with that. Excellent. I love that, and I'll put that in the show notes. So S v Jazz and Steph Van Jones money TODAY.com.

Yeah. And, we'll put the Money Telecom website in the show notes as well. Great. Steph, thank you so much for being with me today. Oh it's been an absolute pleasure. Thank you for having me on the show. It's been great. And to everyone listening or watching, thank you so much for spending the last few minutes with Steph and I as we discussed how to escape the accountant's trap.

Bye for now.